Gaurav Bissa, Derivatives Analyst at LKP Securities is of the view that one can buy TVS Motor Company and IDFC and can sell Federal Bank.
Gaurav Bissa, Derivatives Analyst at LKP Securities told CNBC-TV18, "My first recommendation would be on TVS Motor Company. The stock has seen a small upside still holding on to the grounds. 9 percent open interest addition has been seen getting build in last two trading sessions, so that is a positive sign. Good amount of long positions have been getting build. One can have a stop loss of Rs 715 and on the upside target of Rs 745-750 cannot be ruled out."
"Second would be buy on IDFC Futures, it has seen a strong fall already and is now trading at a weekly support of Rs 55 levels. If it sustains Rs 55 we can see a temporary bounce back towards Rs 59-60 kind of levels. With a small stop loss of Rs 55.30, one can buy IDFC Futures for target of Rs 58," he said."Sole sell recommendation would be on Federal Bank. 100 Put option had a very high concentration. It is trading below these levels. As per options are concerned, it has given a break down. On multiple occasions, we saw Federal Bank bouncing from these locations. So, now that support has been broken and it can test levels of Rs 94. It has fallen with 2-3 percent OI, so shorts have been build. Rs 101 can be the stop loss and on the downside target of Rs 94 cannot be ruled out," he said.